Building approvals soar in February: ASX tracking 3% higher at noon

01Apr

Building approvals soar in February: ASX tracking 3% higher at noon

 

The Australian share market shot up at the open and is now tracking 3 per cent higher at noon. Shares in Oil Search (ASX:OSH) and Worley Parsons (ASX:WOR) are doing well today. Yesterday Worley announced Chevron had extended one of their contracts by two years. Jumbo (ASX:JIN) shares are on the decline despite reporting today that they expect higher customer engagement. The best performing sector so far today is Energy with the Financials sector falling behind.

The S&P/ASX 200 index is 151 points up at 5,228. On the futures market the SPI is 91 points higher.

Local economic news

ABS Building approvals have risen 19.9 per cent in February, up from a revised 15.1 per cent fall in January. Economists had been expecting an increase of 3 per cent.
The impact of coronavirus is starting to trickle through to house prices, but it is early days yet with price rises across most capital cities still driving national dwelling prices up 0.7 per cent last month according to a report out today by CoreLogic.

Broker moves

Citi rates Invocare (ASX:IVC) as an Upgrade to a Buy from a Neutral. The government has restricted the number of people able to attend funerals in Australia to 10 and this will result in a loss of revenue as Invocare will not be able to offer the same range of services. The broker expects the share price to re-rate higher once any uncertainty around the amount of headroom on the balance sheet is removed. Target is reduced to $13.50 from $14.50. Shares in Invocare (ASX:IVC) 5.4 per cent higher at $11.08.

Company news

National Veterinary Care (ASX:NVL) announced on 12 February 2020 that it had entered into a put and call option agreement in relation to the minority equity interest in its Fitzroy clinic. NVC is pleased to announce that the call option to acquire the minority equity interest in the Fitzroy clinic was exercised on 26 March 2020 and settlement of the acquisition has now occurred. The Fitzroy clinic is now wholly-owned by NVC.
Shares in National Veterinary Care (ASX:NVL) last traded at $3.67.

Best and worst performers

The best-performing sector is Energy adding 8.1 per cent, while the worst performing sector is Financials losing the least adding 1.9 per cent.

The best performing stock in the S&P/ASX 200 is Oil Search (ASX:OSH) rising 16 per cent to $2.76, followed by shares in NRW Holdings (ASX:NWH) and Worley Parsons (ASX:WOR).

The worst performing stock in the S&P/ASX 200 is Avita Medical (ASX:AVH) dropping 5.9 per cent to $0.48, followed by shares in Silver Lake Resources (ASX:SLR) and ARB Corp (ASX:VCX).

Commodities and the dollar

Gold is trading at US$1,582 an ounce.
Iron ore price is 0.4 per cent up at US$83.32.
Iron ore futures are suggesting a fall 0.8 per cent.
One Australian dollar is buying 61.22US cents.
 
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

13Mar

Dow suffers worst drop since Black Monday: ASX poised to plunge at the open

13 Mar 2020 - The ASX looks set to drop at the open. The Dow Jones Industrial Average plunged yesterday suffering its worst drop since the 1987 “Black Monday” market crash, when it collapsed by more than 22%. Trading was stopped for 15 minutes shortly after the open in New York. But the pause failed to keep the index from closing in a bear market. The Decmil Group (ASX:DCG) believes it is entitled to all amounts claimed for its...

Read More
11Nov

Citi upgrades Afterpay Touch Group (ASX:APT) to a Buy: ASX tracking 0.6% higher at noon

11 Nov 2019 - The ASX has risen at the open following positive leads from Wall Street. It is now tracking 0.6% higher at noon. Afterpay (ASX:APT) shares are on the rise after Citi upgraded them from a neutral to a buy. Elders (ASX:ELD) shares are on the up after reporting strong financial results.

Read More
21Jul

JobKeeper and JobSeeker set for another six months: ASX poised to open higher

21 Jul 2020 - The ASX looks set to open higher this morning following vaccine hopes. The Morrison government is set to continue the JobKeeper and JobSeeker emergency payments for another six months, but both will be at a reduced rate. Global banks look to expand to Taiwan as they look to move away from Hong Kong. Respiri (ASX:RSH) has executed a merchant services agreement with Zip Money Payments, a wholly owned subsidiary of Zip Co Limited (ASX:Z1P).

Read More
21Mar

Wall St relief-rally continues, Whitehaven Coal, AGL, Qube on watch today: ASX to rise

21 Mar 2022 - Global major indexes capped off the week on a positive note, as continued geopolitical tensions was offset by optimism amid the world’s largest economies. Investors kept a close eye on a meeting between President Biden and Chinese counterpart Xi Jinping after Biden warned China that the world’s second largest economy would face consequences if aid was given to Russia. Oil rose back above US$100 per barrel.

Read More
08Mar

Wall Street on a high after stimulus plan: ASX to open higher

08 Mar 2021 - Following positive leads from US markets, the ASX looks set to open higher. The US Senate sat for almost 12 hours to pass President Joe Biden's $2.5 trillion Covid-19 relief plan. The AUD was hit on Friday as the yield reversal continues. The CEO of Oceania Healthcare (ASX:OCA) Earl Gasparich has announced his resignation.

Read More
14Nov

S&P 500, Dow remain steady while Nasdaq dips

14 Nov 2024 - The S&P 500 and Dow Jones Industrial Average ended Wednesday's session near the flatline as the postelection rally lost momentum. Investors also focused on a key inflation report, which came in as expected.

Read More
10Sep

US stocks rebound as investors bet on potential Fed rate cut

10 Sep 2024 - US stocks surged overnight as investors bought the dip following Wall Street's worst week of the year, with hopes that a potential Federal Reserve rate cut later this month would help support a slowing economy.

Read More
15Sep

Wall St slides lower on soft inflation, Zip Co’s price target gets cut: ASX to fall

15 Sep 2021 - Global indexes closed mixed despite soft U.S. inflation data ahead of the Fed's meeting next week. Climbing cases of Covid-19 in the U.S. & China weighed on consumer sentiment. RBA’s tune underpinned the afternoon surge on the ASX. Macquarie gave Zip Co's (ASX:Z1P) price target a cut and their reason why.

Read More
17Feb

Asaleo Care (ASX:AHL) has agreed to Essity’s offer: ASX tracking 0.7% lower at noon

17 Feb 2021 - The Australian share market dropped during the early trading hours and is tracking 0.7 per cent lower or 49 points lower at noon at 6,869. On the futures market the SPI is 55 points lower. Materials is the only sector in the green. Asaleo Care (ASX:AHL) has agreed to Essity's offer.

Read More
15Oct

Qantas helps local shares push to flat: Aus shares 0.1% higher at noon

15 Oct 2019 - The Australian share market opened lower this morning following leads from the US but has gained some momentum and is now edging into positive territory in the second hour of trade. Retail Food Group (ASX:RFG) has announced a $190 million equity raising.

Read More